These issues took centre stage at the 2026 E-Commerce and Payments Forum organised by the Africa Retail Academy of Lagos Business School (LBS), where senior operators, regulators, innovators, and decision-makers gathered to discuss practical strategies for accelerating commercial growth across Africa.

Held under the theme “Minimising Friction, Maximising Commercial Impact,” the forum was convened by Olu Akanmu, CEO Board Advisor and Executive-in-Residence at Lagos Business School, and Elo Umeh, CEO of Terragon and Executive-in-Residence at LBS; and featured insightful contributions from leading industry experts, including Melvin Onochie, Vice President, Omni-Channel Sales and Commercial Planning at Konga Group; Damilare Ogunnaike, Vice President at Moniepoint Group, Kenny Isichie, Head of Business Operation at Bumpa; Professor Uchenna Uzo; Seun Alley; Charles Ejekam; and a few other senior managers.

Delivering the keynote address, Prince Nnamdi Ekeh, chief executive officer of Konga Group, challenged African businesses to rethink their approach to technology adoption, particularly in payments and cross-border commerce.

According to Prince, Nigeria has already made remarkable progress in digital payments and fintech innovation, earning global recognition as one of the world’s leading markets for cryptocurrency adoption.

However, he argued that widespread adoption by businesses in Nigeria remains significantly behind consumer usage.

“Nigeria has gone very far in online transactions and fintech innovation. The progress made by institutions such as NIBSS and the broader fintech ecosystem deserves commendation. However, there is still substantial work to be done if we are to unlock seamless international trade and scale commerce across Africa,” he noted.

One of the key themes of his presentation was the growing relevance of stablecoins in modern commerce.

While cryptocurrencies often generate mixed reactions due to concerns around volatility and regulation, Prince emphasized that stablecoins represent one of the most practical and valuable innovations emerging from the broader crypto ecosystem.

“People often become nervous when they hear the word crypto,” he said. “But every technology has two sides. Artificial Intelligence, for example, is creating enormous value, yet it can also be misused. The same principle applies to crypto. The focus should be on how we leverage the positive side of technology to create productivity, improve efficiency, and solve real business problems.”

Drawing from Konga’s experience, Prince explained how the company has successfully leveraged stablecoin infrastructure to improve business operations, access liquidity more efficiently, and overcome some of the payment challenges associated with cross-border transactions.

“Konga invested heavily in building its own infrastructure because we recognised a problem that needed solving. By tapping into available liquidity and embracing emerging technologies responsibly, we have been able to improve business processes and unlock new opportunities for growth,” he stated.

A recurring issue during the forum was trust. Participants examined how regulators, businesses, and technology providers can work together to increase confidence in digital assets and emerging payment technologies.

Addressing this concern, Prince acknowledged that trust remains a legitimate challenge but expressed optimism about ongoing regulatory developments.

“There are already guardrails being established. Both the Central Bank of Nigeria and the Securities and Exchange Commission are working collaboratively to create a more structured and transparent regulatory framework. That is an important step toward building confidence and encouraging responsible innovation,” he said.

He also highlighted the need for a broader mindset shift among businesses and consumers. Using a personal example, Prince recounted how he recently completed a transaction with a roadside vendor through a digital transfer, illustrating how rapidly consumer behaviour is evolving.

“The reality is that Nigerians are already embracing digital payments in everyday life. Businesses must evolve at the same pace. We need to move beyond old assumptions about cash and fully embrace the efficiencies that digital transactions offer,” he remarked.

On logistics and delivery, Onochie stressed that reducing friction across the entire customer journey, from payment to fulfilment and pricing, remains essential for sustainable growth in e-commerce.

He noted that businesses that successfully align convenience, speed, trust, and competitive pricing will be best positioned to thrive in an increasingly competitive marketplace.

The forum concluded with a consensus that Africa’s commerce future will be shaped not only by technology itself but by how effectively organisations deploy innovation to solve practical challenges.

For Prince the opportunity is clear. Africa already possesses the entrepreneurial talent, consumer demand, and technological foundation required for transformation.

The next step is creating the infrastructure, regulatory clarity, and business confidence needed to scale those advantages across borders.

As digital commerce continues to evolve, his message resonated strongly with attendees: the future belongs to organisations that embrace innovation responsibly, reduce friction relentlessly, and build systems that enable trade without boundaries.

The awards commemorated the 30th and 12th anniversaries of Thisday Newspapers and Arise News, respectively.

While the father, who is the Chairman of Zinox Group, was honoured as CEO of the Year, his Oxford-trained son, Prince, the CEO of Konga Group, was decorated with the Young Global Leader Award for his transformative role in navigating Konga as a foremost composite e-commerce giant in Nigeria and Africa.

It was historic, being the first time ever that a father and his son would be honoured on the same night in the nation’s Infotech ecosystem.

Who is This Prince?

Prince Ekeh was 19 and a student at University of Lancaster, United Kingdom, when he birthed the idea of Yudala, a brutally ambitious e-commerce outpost.

Majoring in Economics/Politics with a minor in Entrepreneurship, young Ekeh was not going to leave the idea merely as a paper concept. He was in a hurry to birth it to life. And while back home to serve his fatherland under the auspices of the National Youth Service Corps (NYSC), Yudala was born, becoming a place of activity employing over 250 staff at that time.

And ever since, he has navigated the company to the crest of e-commerce players in Africa. He would later top up his academic kit with an MBA from Oxford and numerous entrepreneurial certifications from Lagos Business School, Leysin American School, Switzerland, and Harvard, among others.

Yudala was the first composite e-commerce outpost in Nigeria (a hybrid of the online-offline one-stop-shop).

This idea has caught global attention and is now being replicated across the continent. Smart and endowed with bullish strength and uncommon intuition to sniff the next opportunity, Prince in 2018 achieved what many thought impossible.

His start-up, Yudala, acquired Konga, a top player in Nigeria’s e-commerce space, in a landmark merger that became effective May 1, 2018. The young whiz has since expanded Konga to a leading e-commerce house in Africa, retaining the composite character of Yudala.

He has creatively expanded the market share value and networth of Konga by building its business verticals to include logistics, fintech, travel, and leisure.

Young Prince Ekeh is not new to awards. He had been nominated for the prestigious Future Awards for Business Excellence, and featured as Top 100 Most Influential People of African Descent (MIPAD) in response to the proclamation by United Nation’s General Assembly Resolution 68/237, and had been awarded Icon of Human Transformation by the National Association of Nigerian Students.

The Thisday award is, therefore, another feather to the decorated cap of the savvy entrepreneur in a hurry to make his mark.

Leo Stan, a Peculiar Breed

His father, popularly called Leo Stan, was honoured with the CEO of the Year Award in the private sector, the only CEO in the highly competitive and sometimes treacherous private sector to be so honoured. The historical and symbolic moment was not lost on him.

He recognised the honour of sharing the same platform with his son, both being rewarded for their peerless contribution to Nigeria, nay Africa, digital economy.

It was a rarity, more so, as they shared the same podium with President Bola Ahmed Tinubu, who was voted Thisday Man of the Year for his bold reforms and leadership exemplum on the African continent.

Leo Stan deserves the honour, and he has seen many in his over three decades of entrepreneurship and unrelenting promotion of digital democracy in Nigeria. It was no coincidence that when Thisday turned 30 years, it could not find any Nigerian more worthy than Leo Stan for the award of CEO of the Year.

It’s both instructive and divine especially when you consider that Leo Stan was the man who computerized newspaper houses, advertising agencies, and printing presses in Nigeria in the late 80s and early 90s when many Nigerians were still in awe of the computer and all its magical, even mythical, wand.

Since returning from the United Kingdom to start his entrepreneurship odyssey in IT over 30 years ago, Leo Stan has stood out as a bustling serial digital pioneer with an elephantine ambition to computerize Nigeria — a mission he has achieved on many fronts.

His zeal and passion have placed him at the cusp of the competition with many firsts to his badge. The first internationally certified indigenous computer brand in West Africa and the first computer brand in the world to incorporate the Naira sign (₦) on its keyboard. First Original Equipment Manufacturer (OEM) in sub-Saharan Africa to receive Microsoft Windows Hardware Quality Lab Certification (WHQL); first Microsoft Prime Production Online Automation Partner in Sub-Saharan Africa with the OA Version 3.0; first Intel Premium Partner; first OEM in West Africa to attain the ISO 9001-2015 Certification; first to acquire the Google Mobile Application Distribution Agreement (MADA) in West Africa; first OEM in Nigeria to introduce renewable energy and lifestyle products and attaining the status of Intel Platinum Partner in sub-Saharan Africa.

When he launched the Zinox brand in 2001, it was not just an addition to the crowd of indigenous-branded computers. It was a fitting counterfoil to the dominance of foreign computer brands in Nigeria. Zinox has since become an African brand.

Zinox has proven both competence and capacity at home and in other parts of Africa. It was the preferred technology that powered several mega projects including the 8th All Africa Games codenamed COJA 2003; the 18th Commonwealth Heads of Government Meeting (CHOGM) held in Nigeria in 2003; the All-Africa University Games held in Bauchi in 2004; the 7th Ordinary Session of the Assembly of the Africa Union (AU) held in The Gambia in 2006.

It has also undertaken critical interventions by transforming the Nigeria and Guinea Bissau electoral systems from analogue to digital.

The conduct of Nigeria general elections in 2007 and 2011 using digitally produced voter register for the first time in Nigeria was because of Zinox. It has also fully provided the technology for the postponed first ever national digital census in Nigeria.

Leo Stan is an intentional family man who has built a digital family. His wife, Lady Chioma Ekeh, a mathematician and chartered accountant oversees the biggest tech distribution company in sub – Saharan Africa, TD Africa.

His first son and co-awardee, Prince Nnamdi Ekeh leads Konga Group. His first daughter, Mrs. Gozy Ajogun (nee Ekeh), an alumnus of London School of Economics (LSE) oversees Task Systems, an ICT solutions firm under the Zinox Group.

The second daughter, Miss Chidalu Ekeh, with a Masters in Digital Marketing from Imperial College, London, is a Fintech whiz. At the same time, his other two younger sons also play in the tech space. He has added digital value to Nigeria and Africa.

He deserves his award and the historical honour of being garlanded with his son. It’s double congratulations to Africa’s dominant digital family. It was indeed their night.

*Odumosu, an ICT media connoisseur, writes from Lagos.

Nigeria has the highest number of tech startups in Africa with over 3,360 as of 2024. That’s more than Egypt and Kenya combined! 

But again, Africa has the highest entrepreneurial rate globally, with 22% of its working-age adults in the space, yet it also holds the crown for the greatest fear of failure among budding entrepreneurs.

Why the paradox? Perhaps it’s the daily duel with inflation, unstable exchange rates, or even the high stakes of being courageous in an unstable market. 

Nevertheless, Africa’s perceived opportunities and credibility are one to commend, creating a system where innovation thrives despite the odds.

Today, we dive into the stories of 10 entrepreneurs to watch in 2025, having gone through challenges, overcame them, and still driving through the rough roads.

These, among many others, are the leaders turning challenges into achievements, from enhancing financial technology to bolstering transport and embracing blockchain as well as cybersecurity innovations. 

These entrepreneurs reiterate the fact that Africa isn’t just watching the world evolve, it’s involved in the processes.

Fintech and Digital Commerce

1. Mitchell Elegbe

Mitchell Elegbe, the founder and group managing director of Interswitch Group, is one with a huge impact on Africa’s financial technology sector. His impact was globally recognised in 2024, when he was appointed to the jury for the Ernst & Young (EY) World Entrepreneur of the Year (WEOY) Awards, held in Monte Carlo, Monaco.

Elegbe was inducted into the 2023 WEOY Hall of Fame becoming the first African entrepreneur to win in both the emerging and master categories of the awards. 

In 2024, his role as a juror further boosted his global profile, placing him as a representative of African innovation. His contributions to digital payments and financial inclusion were further recognised when he was named one of the top fintech CEOs of 2023 by the Financial Technology Report, joining the ranks of leaders from PayPal, Visa, and Mastercard.

Under Elegbe’s leadership, Interswitch has remained at the fore of Africa’s payment efficiency. Having transformed the company into a unicorn in 2019, Interswitch has expanded its footprint across 23 African countries, providing solutions that have made cross-border payments seamless. Its platforms, such as Quickteller and Verve, have become integral to financial transactions across the continent.

Elegbe’s accolades also include receiving the Lifetime Achievement Award at the CIO Awards Africa, recognising his contributions to Nigeria’s technology sector. Through his advocacy for innovation and mentorship of young entrepreneurs, Elegbe is building a new generation of African business leaders. His focus on leveraging technology to drive economic development places him among the top entrepreneurs to watch in 2025.

2. Elsie Godwin

Elsie Godwin is the perfect blend of creativity, strategy, and innovation. As the co-founder and chief operating officer of Cashwise Finance, she recently led the launch of a daring fintech platform that bolsters global remittance. 

With features like Virtual USD Cards and Zelle integration, Cashwise aims to simplify international transactions while maintaining compliance across multiple jurisdictions. The app’s transparent pricing and user-centric ethos make it a game-changer in the fintech space.

Beyond fintech, Elsie Godwin is a seasoned marketing and communications professional and a respected media personality. With a career spanning diverse sectors, she has established herself as a master of strategic impact and innovation. 

She is the founder and lead strategist at Mind-Mastik Media, a dynamic marketing agency through which she has driven success for various brands by leveraging data-driven insights and trend-savvy strategies. Throughout her career, Elsie has been instrumental in shaping go-to-market strategies for brands in both the Web2 and Web3 spaces. 

Her notable achievements include facilitating the institutional partnership between Pan Atlantic University and Emurgo Africa, which played a pivotal role in advancing blockchain adoption across Africa. She was recognised as one of the Top 40 African Women in Blockchain for her contributions to the blockchain ecosystem.  

Her media presence includes features on Nigeria Info, NewsCentral, TV Plus TV Africa, Arise News, R2TV, Lagos Traffic Radio, and Guardian Nigeria. She has also collaborated with top agencies like BHM, Plaqad, HK Strategies, DottsMedia, Alder Consulting, and Anakle to amplify brand stories. As a Google influencer affiliate, she leverages her platform to share impactful narratives. 

Her dedication to meaningful conversations led to organising Africa’s most prominent bloggers’ conference in 2018 and UnwontedConvos in 2019. Currently, she hosts The Smartpreneur Show, where she highlights the journeys of industry leaders and entrepreneurs. She is a co-host at Nigeria’s number one talk radio station, Nigeria Info, and has recently been seen on an advocacy show on NewscentralTV’s ‘A Place At the Table’.

These combined experiences and achievements make her extraordinary in the drive for impact and innovation.

Telecoms Business

3. Kingsley Adonu

Kingsley Adonu, the founder and CEO of S Mobile Group, is one entrepreneur who is changing the role of technology and business in Africa. His initiatives in 2024 make him one of the most daring entrepreneurs to watch in 2025. 

Adonu’s most commendable achievement of the year was his announcement of the S Mobile Tech Hub in Enugu State, a Corporate Social Responsibility (CSR) project aimed at promoting innovation, youth entrepreneurship, and job creation.

The hub, which comprises cutting-edge facilities such as robotics labs, high-speed internet, and co-working spaces, reiterates Adonu’s goal to empower young Nigerians. Aligning with the vision of Governor Peter Mbah to revitalise Enugu State’s economy, the hub seeks to create a rich startup ecosystem in the region. 

As the CEO of S Mobile Group, a conglomerate operating across telecommunications, real estate, oil and gas, and more, Adonu’s leadership has placed his company as a key partner of MTN Nigeria. His record-breaking performance in 2024, becoming MTN Nigeria’s top partner in airtime and data distribution, is a milestone for the Southeast region. 

Beyond his business ventures, Adonu’s influence includes academia and philanthropy. He was appointed as a patron of the Students Union Government at the University of Nigeria, Nsukka, strengthening his dedication to youth empowerment and education. In his acceptance speech, Adonu reaffirmed his focus on championing digital skills development among young people, revealing his vision of a brighter, tech-driven future for Nigeria.

Adonu’s recognition at the MTN Nigeria Partners Award and his international presence at telecom conferences have further firmed up his prestige as a leader who blends business acumen with a passion for societal impact. 

Transport | Logistics 

4. Chidi Ajaere

Chidi Ajaere is one of the most interesting young entrepreneurs in Nigeria, leading a diverse and thriving conglomerate with over 5,000 employees. As the chairman of GIG Group, Ajaere has masterminded the expansion of the company into various sectors, including logistics, aviation, real estate, banking, energy, and automobile manufacturing. 

In 2024, President Bola Tinubu appointed him to the newly established Presidential Economic Coordination Council (PECC), a body designed to drive economic growth and policy reform in Nigeria. As one of 31 distinguished members, Ajaere’s inclusion in the council further shows how well he is doing in the entrepreneurial space, placing him as one of the most promising entrepreneurs to watch in 2025.

His innovative mind has led to the creation of subsidiaries such as GIG Logistics, GIG Motors, Stella’s Banking and Finance, Richmondhill Real Estate and Property, Ziuss Energy, Oil & Gas, GIG Aviation, and, most recently, Jet Motors, a pioneering African electric vehicle (EV) manufacturer.

Under Ajaere’s leadership, GIG Logistics has flourished, expanding its reach to the United States, United Kingdom, China, and West Africa, delivering services that range from courier and e-commerce logistics to on-board courier services and packaging solutions. 

The company’s partnerships, such as the one with Aim Higher Africa in 2019, where it launched the “Back-2-School Giveaway” for underprivileged children, show that Ajaere aims big when it comes to social impact. Again, GIG Logistics has innovatively responded to Nigeria’s motorcycle ban by converting motorcycles into dispatch vehicles, creating an additional revenue stream for the business.

One of Ajaere’s crowning achievements came with the launch of Jet Motors, which introduced the JET MOVER, a multipurpose van, and an electric vehicle model that pushes Africa’s transition to eco-friendly transportation. The National Automotive Design and Development Council (NADDC) purchased electric vehicles from Jet Motors, reiterating Ajaere’s focus on reducing carbon emissions in Nigeria.

5. Onyeka Akumah

Onyeka Akumah, the co-founder and CEO of Treepz, is one with an obvious impact felt across the transportation sector in 2024, earning accolades that reflect his leadership. Akumah was named one of Africa’s Under 40 CEOs and received an honorary doctorate from Prowess University, Delaware, USA. His role as a Techstars Global All-Star Mentor further highlights his drive for entrepreneurial talent across Africa.

Treepz’s innovative corporate mobility solutions garnered recognition, with the company winning the Best Startup Pitch in Africa award at the African Union Private Sector High-Level Conference in Lusaka, Zambia. This was accompanied by cash awards from Afreximbank and Google, emphasizing Treepz’s impact on the mobility sector in Nigeria, Ghana, Uganda, and Kenya.

Akumah’s work in real estate through Small Small Technology and in agriculture with Farmcrowdy, Mazia Honey & Tea, and Nyeri Hills Coffee have positively impacted thousands of individuals across the continent. His mentorship of over 60 startups and his contributions as a visiting lecturer at the Rome Business School reiterates his zeal to empower entrepreneurs.

Akumah is a role model for entrepreneurs aiming to scale their ventures while addressing pressing societal needs.

eCommerce | Delivery 

6. Prince Nnamdi Ekeh

Prince Nnamdi Ekeh, CEO of Konga Group, is pioneering innovation in Nigeria’s e-commerce sector. In 2024, he tackled challenges such as logistics inefficiencies, exchange rate instability, and corruption, helping Konga’s efficiency in the industry. 

Under his leadership, Konga introduced solutions like Konga Prime, a subscription-based delivery service offering unlimited free delivery, and KongaPay, a secure digital payment platform enhancing financial inclusion.

Ekeh’s creative approach has transformed Konga into a hybrid e-commerce model that combines online and offline retail. This model has bridged gaps in Nigeria’s diverse market, providing logistical support through Konga Express and expanding product categories to take care of evolving customer needs. Again, Konga has onboarded numerous Nigerian SMEs, supporting local businesses and enabling economic growth.

In 2024, Ekeh led youth empowerment and technology adoption, recognising Africa’s youthful population as key drivers of change. His advocacy for intra-African trade and blockchain technology further accentuates his drive to leverage innovation for economic growth. With his exceptional foresight and leadership, Prince Nnamdi Ekeh is among the top entrepreneurs to watch in 2025.

Cybersecurity

7. Samuel Ubido

Samuel Ubido’s accomplishments have strengthened his standing as a thought leader in cybersecurity and fintech investments. As a Chartered Engineer with the Institution of Engineering and Technology, his expertise spans decades of engineering and cybersecurity merit. In 2024, he joined First Circle Capital as a Venture Partner, focusing on African fintech investments.

His influence extended globally as he led key panels at GITEX AFRICA, Fintech Surge, and Money20/20 Middle East, addressing topics like financial inclusion and cybersecurity. Samuel also launched his YouTube channel, Cyber Monday with Sam, where he shares insights into cybersecurity and innovation.

At Techinnovate Group, Samuel facilitated investor roundtables and strategic partnerships for organisations like NITDA Nigeria, Kigali International Financial Centre, and Wema Bank Plc. The company plans to launch a Cybersecurity Conference and Training Programs to develop talent and protect critical assets in 2025, collaborate with the University of Oxford to offer an Offline Education System, providing global access to quality education and strengthen trade links between the Middle East and Africa, providing African startups and SMEs with mentorship and funding.

Samuel’s ability to merge technical expertise with investment vision has placed him among the top entrepreneurs to watch in 2025. 

Aviation 

8. Chukwuerika Achum

As the CEO of Nigerian business aviation firm Vivajets, Chukwuerika Achum is driving integration and connectivity across Africa. In 2024, Vivajets showcased its innovative edge by attending the Africa CEO Forum in Kigali, Rwanda, where Achum highlighted the role of business aviation in overcoming Africa’s logistical and geographical challenges. The firm’s digital platforms, CharterXE and FlyPJX, have boosted private aviation by making it more accessible and affordable.

Vivajets also made a move into the fashion industry during the 2024 Lagos Fashion Week, debuting exclusive cabin crew attire designed by Ivorian designer Loza Maléombho. Inspired by the African Kinkeliba tree, the uniforms seamlessly blended cultural heritage with luxury, cementing Vivajets as a symbol of African elegance and innovation.

Achum also took part in the Invest in Africa Conference (AFSIC) in London and announced Vivajets’ sponsorship of the Africa Financial Summit (AFIS) 2024 in Casablanca, Morocco. Under his leadership, Vivajets has expanded its fleet, grown its global routes, and strengthened its place in the $1.09 billion African business aviation market, projected to reach $2.14 billion by 2030.

Digital Assets

9. Chuta Chimezie

Chuta Chimezie is a force in Africa’s blockchain and tech innovation sectors. He is the founder of the Blockchain Nigeria User Group (BNUG) and CEO of BlockSpace Technology Innovation Hub, who has built communities focused on blockchain exploration and development. In 2024, BNUG hosted Nigeria’s largest blockchain and cryptocurrency events, promoting education and collaboration within the industry.

Chimezie also had academic achievements, completing a pre-MSc program in Blockchain and Digital Currency at the University of Nicosia, Cyprus, and continuing an MSc in Cryptocurrency. His book, Seizing Opportunities in Blockchain & Digital Currency Revolution, is a definitive guide for enthusiasts walking through the complex blockchain industry.

As an advocate for open-source technologies, Chimezie has spent nearly a decade training individuals in Drupal and other open-source platforms. His upcoming book, Building Blocks of Blockchain StartUP Entrepreneurs, focuses on empowering the next generation of tech leaders. 

Interestingly, his expertise includes 3D printing, robotics, and drone technologies, making him a multifaceted innovator to watch in 2025.

Communications | PR

10. Ayeni Adekunle

Ayeni Adekunle, founder and CEO of BlackHouse Media (BHM), showed his ability to lead the communications sector to new levels in 2024.

Under his stewardship, BHM was listed by Financial Times among the fastest-growing companies in Africa for the second consecutive year. 

The FT ranking, which evaluates the compound annual growth rate (CAGR) of independent African companies, affirmed BHM’s solid revenue growth and strategic market expansion.

Ayeni’s vision to create a global communications services company rooted in Africa is gaining traction, bolstered by BHM’s innovative initiatives such as the continent’s first PR & Communications Report and the World PR Day celebrated annually on July 16. His company’s data-driven approach and resilience in the African business industry have placed him among the top entrepreneurs to watch in 2025.

Not just BHM, Ayeni’s contributions to the broader marketing and entertainment sectors through platforms like TheNETng and the Nigeria Entertainment Conference (NEC Live) have also been recognized. With his longstanding track record, Ayeni is one of the innovators building Africa’s communications and media industries.

Speaking at the 6th Edition of Nigeria sales conference organized by George Emetuche, the CEO of the Selling Champion Ltd, held at the Welcome Centre Hotel Lagos, Prince Nnamdi Ekeh spoke on the topic “The Nigeria eCommerce and Retail Business: challenges and prospects.”

In his address, Prince Ekeh outlined key challenges hampering the growth of the ecommerce sector in Nigeria.

He pointed to the overdependence on imported goods, unstable exchange rates, logistical inefficiencies, corruption, and rising insecurity as significant obstacles.

Despite these challenges, he expressed optimism about the future of eCommerce in Nigeria and Africa.

Prince Ekeh noted that the country’s youthful population—averaging 17 years of age—is tech-savvy and eager to embrace digital solutions, a factor he believes will drive growth and innovation in the sector.

Prince Ekeh also called on the government to create a level playing ground for stakeholders, emphasizing the need for policies that support local businesses and strengthen the eCommerce ecosystem.

The conference concluded with Prince Nnamdi Ekeh receiving an award of honour in recognition of his significant contributions to the eCommerce industry in Nigeria.

The obstacles that lie in the path of businesses intent on cracking e-commerce on the continent are well-documented, among which infrastructural deficiencies, logistical hiccups, skepticism for online shopping and predilection for offline retail, slow adoption of digital payment, among others, figure prominently.

Nevertheless, Africa is widely regarded by experts as the next frontier for bullish e-commerce growth.

Compelling insights from recent research by the International Trade Administration (ITA) shows that Africa represents a smart gamble for interested investors looking to reap the benefits of the wave of growth in e-commerce on the continent.

Titled – The Rise of eCommerce in Africa – the study bets on the exponential boost in mobile technology that is expected to jumpstart e-commerce from its current middling status to a multi-trillion-dollar industry in the coming years.

“The logic of growth on this area is pretty much based on technology jumps that do occur within Africa because of historically missing economic infrastructure, such as banks, telecom landlines, etc. Africa is forecast to surpass half a billion ecommerce users by 2025, which will have shown a steady 17% compound annual growth rate (CAGR) of online consumers for the market,’’ the study boldly asserts.

Specifically, the research shows that Africa currently leads the world in mobile device web traffic generation, with 69% of its total web traffic consisting of mobile internet users as of 2021. Further, the continent is forecast to be almost exclusively mobile-based market by 2040.

Continuing, the study notes that:

‘‘Compared to other regions, as of 2021 the African continent leads mobile internet usage a full 13% above the global average, and almost 5% more mobile usage than Asian region markets. This should indicate a “mobile-first” approach to any business looking to sell online to the various African markets.’’

The foregoing is backed up by a 2017 Accenture Digital Consumer Survey which discovered that in countries such as South Africa, smartphone acquisition increased from 52% in 2016 and 63% in 2017. Some of the more technologically advanced nations like Kenya and Nigeria boast a smartphone uptake of more than 44% and 30% respectively.

Across the continent, the number of smartphone users saw a nearly two-fold increase, reaching more than 226 million.

This spike in smartphone penetration, the survey submits, is steering a digital revolution on the continent, exposing users to the endless opportunities the internet provides, top of which is e-commerce.

Considering these lofty assumptions, it therefore came as a huge shock when Jumia, a multinational African-focused ecommerce company disclosed that it will shut down Jumia Food, its food delivery business in Nigeria, Kenya, Morocco, Ivory Coast, Tunisia, Uganda, and Algeria by the end of 2023 in a new round of cost-cutting.

Jumia CEO, Francis Dufay told Reuters that the food delivery segment has challenging unit economics and big losses, while also attributing the closure of Jumia Food to increasing competition and unsustainable cost of operations.

“There is downward pressure on the commissions that we make and upward pressure on marketing costs because everyone is fighting for customers,’’ Dufay had stated.

The Jumia Food debacle represents another signpost in a seeming never-ending list of missteps and abrupt exits by the management of Jumia since it set up shop in Africa.

This includes the offloading of Jumia Travel, its hotel and flight services vertical in 2019 to a rival brand, Travelstart – a move which came a few weeks after the shutdown of its eCommerce businesses in Tanzania and Cameroon and laying off staff in Kenya.

Founded as Jovago in 2013, the hotels and flights marketplace became Jumia Travel after it rebranded in 2016. Earlier in 2017, the company had sold off Jumia House, its real estate subsidiary to ToLet.com.ng, a property startup, after it failed to scale.

To start with, Jumia is a German-headquartered e-commerce platform, with its technology and product team based in Porto, Portugal, and until recently, its senior leadership operated out of Dubai in the United Arab Emirates (UAE).

Yet, it lays ambitious claims to becoming the African Amazon – a faulty dynamic worsened by a damaging identity crisis and the importation of business principles and strategies fit for the Western world and which the management expected to succeed in Africa, a developing continent with its myriad of teething challenges.

Indeed, several critics regard Jumia as an exploitative Western company that conveniently co-opted an African identity to extract as much value as possible and profit off the continent.

As one of the founding employees of Jumia, I had expressed reservations at the ease with which the early-stage founders of the company had been eased out of the business. Every business has its DNA which symbolizes the very essence, cornerstone or soul of the establishment.

This ideal is often reposed with the visionaries of the business and consolidated over time as the business scales. In the case of Jumia, what we had was a wannabe e-commerce behemoth with a major identity crisis. This foundational ambiguity would prove to be one of the catalysts that hurt the business in the long run.

At the height of the Jumia-Konga battle for the dominance of the Nigerian e-commerce sector when both brands launched in 2012, one thing was discernible: Jumia was often quick to arrogantly ridicule or thumb its nose at any innovation or strategy pioneered by a rival brand, even if it was a masterstroke, although the lessons of history showed that it may eventually ape the strategy when it realizes there is a market advantage therein.

Those early days of e-commerce, particularly in Nigeria where I was based at the time, was one full of hype and little substance as both giants embarked on a battle of attrition for the leadership position in Africa’s biggest market.

It took the coming of Yudala which was founded by a fresh-faced varsity graduate and backed by Nigeria’s biggest technology group to make both rival brands sit up and become more intentional about the substance of their hyped-up efforts (more on this later).

In early 2014, Konga pioneered the marketplace structure that is now a major staple of e-commerce on the continent. In its usual fashion, the management of Jumia derided it as a DOA (dead on arrival) strategy. However, it soon ate its words after advice from some of us in the business who saw how Konga was already stealing a march on us. Five months later, specifically in July 2014, Jumia followed suit with its own marketplace.

Then came the entry of Yudala – a landmark development that shook up the e-commerce market in Nigeria.

Led by Prince Nnamdi Ekeh who was 22 at the time and just fresh out of school, Yudala pioneered the composite e-commerce model with the fusion of online and offline – a futuristic piece of innovation that has now been adopted by other global players. Yudala’s emergence was a refreshing relief to the chokehold of Jumia and Konga.

The brand, though big on hype as its older rivals, matched its words with true substance.

In addition to rolling out eye-catching fuchsia-pink retail stores across major cities in Nigeria, Yudala took on big projects which expanded the scope of the industry.

One of these remarkable milestones was the first ever drone delivery in the e-commerce world – a feat which was achieved in 2015 and which predated any other similar efforts.

When in 2018, the management of Zinox, the technology conglomerate backing Yudala, acquired Konga from its previous owners, Naspers and AB Kinnevik, it was obvious to all interested parties that this was a development worth keeping an eye on.

In my own capacity, I had also advised the management of Jumia, especially considering the renowned capacity and decades of experience and success at the disposal of the new owners of Konga, to keep tabs on their strategy and follow suit or even explore partnerships, if that would guarantee a path to profitability.

The dust had barely settled on the monumental news of the acquisition when the management of Zinox announced an operational merger between Yudala and Konga. Although I had departed Nigeria, I followed with keen interest how the new owners subsequently rebranded the new entity that emerged from this operational merger, slowly transforming it into a dominant e-commerce force.

It is important here to state that while Jumia decided to double down on its poorly conceived pan-African expansion and an ill-advised IPO founded on shady figures and cooked books, Konga chose to continue consolidating its growing dominance in Nigeria:

• KongaPay was repositioned and recalibrated, leading to its rating by Statista in 2021 as the leading provider of digital payment services for e-commerce transactions in Nigeria.
• In 2019, the brand added Konga Travel to its list of growing subsidiaries. A technology-driven, revolutionary online travel booking agency, the new entrant gained prominence and market relevance within a short period of time.
• From Kxpress, the management of Konga relaunched its delivery arm to Konga Logistics, expanding its fleet of vehicular assets and by extension, its capacity to not only handle Konga’s last mile deliveries but also cater to external customers.
• Konga Health, a digital health care distribution subsidiary joined the fray in June 2021. Today, the brand boasts exclusive distribution agreements with global brands such as L’Oreal and Livful, among others.
• Konga embarked on an expansion of its retail outlets and the set-up of massive warehousing facilities in regions across Nigeria, including what is arguably the biggest warehousing structure in Lagos located at Lekki

Amid all these major strides by its major rival, Jumia endured an embarrassing exposure of its IPO as a worthless sham by the popular US-based short-seller Citron, with its share price, which once traded as high as $60, now going for less than $4 today.

The stubborn insistence of management in not borrowing a leaf from the Konga copybook has also seen Jumia continuously lose ground in Nigeria and in other less buoyant African markets.

The current exit of Jumia Food leaves a sour taste in the mouth, particularly for those of us who number among ex-employees of this once-grand e-commerce pioneer. In addition to remaining unprofitable over the years, Jumia is still shipping huge losses, as high as $19 million in Q3 2023.

With its share price tumbling down by the day and investors now potentially hedging their bets on the brand, how much longer can Jumia keep its head floating above murky waters in Nigeria before calling it a day for its remaining core physical goods delivery segment and struggling payment service, Jumia Pay?

The jury is out on that.

[Featured Image Credit]